United States / Funding / Technology Business Tax Certificate Transfer (NOL) Program

Technology Business Tax Certificate Transfer (NOL) Program

Unprofitable NJ tech and biotech companies can sell their unused net operating losses and R&D tax credits for cash instead of waiting to turn a profit.

Closed until next roundTax benefit, up to $20MChecked Sep 24, 2026 on the official site

What you get: Net operating losses and R&D tax credits can be sold for at least 80% of face value, up to $20 million lifetime per business (from a $75 million annual statewide pool, $15 million of it reserved for Innovation/Opportunity Zone and minority/women-owned businesses)
Sectors: tech, life sciences
Where: New Jersey
When to apply: annual

About this programme

The Technology Business Tax Certificate Transfer (NOL) Program, run by the New Jersey Economic Development Authority (NJEDA), lets unprofitable New Jersey technology and biotechnology companies sell their unused net operating losses (NOLs) and research and development tax credits for cash, instead of carrying them forward and waiting to turn a profit.

Qualified companies sell their NOL carryovers and R&D tax credits to unaffiliated, profitable New Jersey corporate taxpayers. The NJ Division of Taxation determines the value of the tax benefits being sold.

How it works

Sellers receive at least 80% of the face value of the NOLs and R&D tax credits they sell.

Up to $75 million is available annually across the program, with $15 million of that reserved for businesses in Innovation Zones, Opportunity Zones, or minority- or women-owned enterprises.

Each business has a maximum lifetime benefit of $20 million.

Application fee is $1,000 (non-refundable). Approval fee is 1% of the tax benefit award, capped at $20,000, with the application fee credited toward it.

Who can apply

The company's primary business must involve a scientific process, product, or service, and it must own or hold a license to protected intellectual property (a patent or registered copyright).

The company must show negative net operating income on both of its prior two full-year financial statements (on a GAAP basis), and its parent company (if any) cannot have positive net operating income.

Employee thresholds vary by the company's incorporation date, requiring between 1 and 10 full-time New Jersey-based employees.

Financial statements must be compiled, reviewed, or audited by an independent CPA using US GAAP.

The company cannot be a cannabis license or certification holder, or be controlled by one.

How to apply

Review the program brochure and FAQ document.
Find a buyer, using NJEDA's published buyers list if needed, since the transfer is a sale to an unaffiliated, profitable NJ corporate taxpayer.
Prepare the required forms and financial statements.
Submit the application online through the NJEDA portal at programs.njeda.com/en-US/noltt_list/, before the June 30, 2026 deadline.

Documents you’ll typically need

Seller/Buyer Checklist
Agreement
Buying Business Information Sheet
Selling Business Tax Benefit Identification Form
Private Financial Assistance Form
Spending Certification (for returning applicants)
Employee Closing Certification Log
Seller's Closing Certificate

Frequently asked

How much of the value of my tax benefits will I get?

At least 80% of the face value of the net operating losses and R&D tax credits you sell.

Is there a cap on how much I can sell over time?

Yes, a maximum lifetime benefit of $20 million per business, within an annual statewide pool of $75 million.

What is the application deadline?

June 30, 2026 for this cycle.

Do I need to already have a buyer lined up?

NJEDA publishes a buyers list, and the sale must go to an unaffiliated, profitable New Jersey corporate taxpayer.